DUSHANBE, TAJIKISTAN, Thursday, July 31, 2008: Tethys Petroleum Limited (“Tethys” or the “Company” (TSX:TPL)) today commented on the participation of Dr David Robson, Chairman, President and Chief Executive Officer of Tethys at the first meeting of the Consultative Council on Improvement of the Investment Climate in Tajikistan (the “Council”). The Chairman of the Council is the President of the Republic of Tajikistan, HE President Emomali Rahmon.
The Council consists of nine members comprising the President of the Republic of Tajikistan, the Prime Minister and the Chairman of the State Investment Committee, International Financial Institutions, representatives of the local business community and associations and with Dr Robson having being appointed as the representative of the international business community. Tethys, through its subsidiary Kulob Petroleum Limited, recently signed the first production sharing contract for a large 34,785 km2 (8.6 million acres) area comprising most of the Afghan-Tajik Basin (an extension of the prolific Amu Darya Basin) in south-western Tajikistan.
The goal of the Council is to promote investment in Tajikistan by removing obstacles to investment and to generally improving the business environment. Decisions of the Council shall have legal force and will be implemented by the government.
Dr David Robson, Chairman, President and Chief Executive Officer of Tethys commented to press after the meeting: “Tajikistan has already made significant steps forward in improving the business environment for foreign investment, an example being the introduction of production sharing legislation for the oil and gas industry, and I believe that this Committee is an extremely positive development which will ensure that the viewpoint of investors can be discussed at the highest level of government. This bodes very well for the future positive development of the Tajik economy.”
Tethys is focused on oil and gas exploration and production activities in Central Asia with activities currently in the Republic of Kazakhstan and the Republic of Tajikistan. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.
This press release contains “forward-looking information” which may include, but is not limited to, statements with respect to our operations. Such forward looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions. See our Annual Information Form for the year ended December 31, 2007 for a description of risks and uncertainties relevant to our business, including our exploration activities.
For more information please contact:
Vice President Investor Relations
Tethys Petroleum Limited
TD Canada Trust Tower
161 Bay Street, 27th Floor
Toronto N5J 2S1
Almaty, Samal 2 Business Center Satty
Office phone/fax: 2 72 88 67, 2 72 82 37, 2 72 77 45